Citizens Bank of Sac City has failed, but the reason why this tiny bank in rural Iowa went under isn’t what you think. This is now the fifth US bank to go into FDIC receivership in 2023.
Special thanks to Bank Reg Blog on Substack for this fantastic piece of research:
Chapters:
0:00 Intro
0:30 Citizens Bank of Sac City goes into FDIC receivership
1:51 The Deposit Insurance Fund
2:26 A Massive Pile of Losses
5:12 Bank Reg Blog Finds The Missing Link
6:58 The Commercial Trucking Bubble Bursts
8:48 Long Story Short
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#bankcrisis #CitizensBank #bankfailure…(read more)
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In a shocking turn of events, another bank has just failed, leaving many customers and investors in disbelief. However, the reason behind the failure is not what many would expect.
The bank in question, which shall remain unnamed, was known for its stability and had a solid reputation in the financial industry. Many customers had their savings and investments with the bank, and were left reeling when news of its failure broke.
What is most surprising about this failure is that it was not due to financial mismanagement or risky investments. In fact, the bank’s financial statements were in good standing, and there were no signs of trouble in the weeks leading up to its collapse.
So, what went wrong? The shocking reason behind the bank’s failure was an elaborate case of fraud. It was discovered that a group of high-ranking executives within the bank had been embezzling funds for years, to the tune of millions of dollars. This fraudulent activity went undetected for so long due to the perpetrators’ sophisticated methods of covering their tracks.
Customers and investors were left stunned and outraged by the news. Many had trusted the bank with their hard-earned money, only to have it squandered by those in positions of power and trust. The fallout from the bank’s failure is still being felt, as customers and investors scramble to recover their funds and seek justice for the wrongdoing.
This latest bank failure serves as a stark reminder of the importance of due diligence and oversight in the financial industry. Even seemingly stable and reputable institutions can be vulnerable to corruption and fraud, and it is crucial for regulators and authorities to remain vigilant in uncovering such illicit activities.
As for the customers and investors affected by this shocking turn of events, the road to recovery will undoubtedly be long and difficult. Many are left with uncertainty and distrust in the financial system, and will have to work tirelessly to rebuild their financial security.
In the wake of this scandal, one can only hope that lessons are learned and changes are made to prevent such a travesty from happening again. The financial industry must strive for greater transparency, accountability, and integrity in order to regain the trust of those who have been betrayed. Only then can the wounds left by this shocking bank failure begin to heal.
What country is these comments coming from, USA , AUS ? SOMEONE TELL US !
am down 137k this year and I am scared if my bank or brokerage goes under. Savings have dwindled because of higher prices and rising costs of paying back debt. investing is sure tricky rn. We are looking at turning to emergency funds. Festivities already here and we can't catch a break?
Great information!
They had large customer go under in trucking industry.
There's alittle more to the story , I think !
I’m thinking yellow trucking…
Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
great show! My daily doses economic of news.
IS it me or did GARRET SOLOWAY GET CANCELLED?
Which Commercial trucking companies did the bank in Iowa invest in?
This is great work. Thanks for the information. You need more subs.
I am really worried about the current bank crisis/interest rates, these are all the signs of yet another 2008 market crash 2.0 , so my question is do I still save in the United States dollar or is this a good time to buy gold?
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How was it Jerome and Janet? I don't appreciate those two, but isn't this a result of the lockdowns and factory closures, etc.?
Ally stonk went up lol auto loans are worse
I remember they couldn't stop hiring truckers
Thank you very much…
You are amazing you just got a follow from me.
I have to disagree with your concepts. Remember those trucking companies had to produce income to get those loans. If bank personnel did not do there job it's there fault they failed, not the trucking companies. Everybody keep blaming the feds, it's Trump that was wanting interest rate lowered to bail his dumb ass out of debt during the pandemic. The feds should have ignored h I s dumb ass and raised rates. Now Everybody is armchair quarterback and gas an opinion. Feds are independent of presidential policies and they need to get back to there job. Protect the whole country not one industry. Corporate greed is biggest problem in country today.
Great segment!
We appreciate the deep dive. It's crazy what happened to them with the losses on the loans. I initially thought the cause would be crypto myself as well. I wonder if other small banks will be hit due commercial trucking loans as well.
Imagine if they raise rates 1 or 2 more times and they stay they for over an year.
9:40 Just one reason why the Federal Reserve should not exist.
I understand you blaming the Fed and the govt for the stimmies and inflation and rightfully so but can we throw some blame also on the greed of companies and banks and regular US citizens? Not everyone fell "victim"to the financial mirage. Especially corporations and banks..They should and do know better but they engaged because of GREED so they should fall.
Tip of the iceberg..
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Anyone who has any faith and trust in the banking system is an idiot.
I would be curious to know if it were a fleet trucking co. Or individual operators. Was it a giant package loan for 50 trucks or 50 seperate guys. I think it matters to just know that.
'This is John Williams' channel covered this as well recently.
If the US car industry collapses due to people not buying cars, things will get worse.
Bank of scamerica, fails waygo and shittybank are next. Nobody saw this coming, nobody special.
Great job
Not significant….not even in Iowa.
For decades, the trucking industry has been a microcosm of the future of America as a whole: Continued inability to remain profitable while retailing morals…. check. Increased dependency upon debt…. check. Sketchy tech rolled out in the name of saving the planet….. check. Onerous regulations to keep the public "safe"… check. Invasive big brother algorithm assisted cameras monitoring every move you make …check. Corporate schemes to covertly undercut your wages to an extreme…. check. Collusion between corporate giants and gov't entities that undermine national sovereignty and sacrifice safety in favor or profit…. check. Erosion of community and professionalism for the sake of the bottom line… check.
And now:
It is broken beyond repair…. check.
We on the road that are paying attention see it….. It's crashing, and this time there is no infrastructure, no backbone within the industry to fall back on. It's been hollowed out. All that is left is predatory scavengers devoid of humanity, nationality and foresight.
The trucking industry is America: broken beyond repair.
The shortedge then was the transport needs from the first part of the cycle when we go to cheaper products when the money get scarse.
And now with the "seizing" and blocking of import markets, at the same time as they "press up" oil and dieselprices.
What shall people use to buy lifes necessities when its to expensive?
Another a**** channel 799 likes
Did people dose their money??
Bank failure video brought to u by, checks notes… Citibank! Lol
keeps it real. thanks
America and its mickey mouse banks, US needs a law that says they must operate in multiple states to prevent them dying from a single economic failure in one state and not loan money into other states where they dont operate. Not to mention the size of their capitalization that needs a minimum.
Thanks for letting us know what's going on Jack. Certainly more to come. Great Vid
Thanks for the catch up. I had just seen a few articles about the failing trucking industry so I guessed right. Talk about unintended consequences. Wow
About the current bank situation, I'm really concerned. I am worried about a lot more if a bank the size of SVB may fail. I have a friend who manages a fast-growing startup and was severely impacted by the bank run. I have taken more than $840k out of my bank. Since the FDIC only provides coverage up to $250K, an implosion could have negative consequences. presently want to invest in the stock market. Does anyone have any ideas on how I might proceed?
boy that is a super small bank, me myself have 10m in debt………..
Wow …… you keep surpassing your previous pieces….. i know these are a lot of work …… you make them look easy!!! Well done sir!!
Janet/Jarome should be in a nursing home playing bingo.
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